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Monday, December 24, 2018

5 Smart Ways To Budget For A Home Remodel

Creating a budget for home remodeling must begin way before you start listing labor and material costs. It starts with priorities. What are your reasons for remodeling? Is it because of a growing family? Wanting to increase home’s resale value? Or maybe is it purely because you got bored with your current furniture and walls setting? If the reason is simply that you just want to change some stuff around, maybe you only need to redecorate, repaint your walls, and maybe change some furniture (or DIY upgrade it). If you are waiting for a future family member(s), or you would like to raise the resale value of the house, remodeling might be your only option. In that case, roll up your sleeves, and get ready for the hard work that is ahead of you.

If an increased value is your priority, find some good realtor in your local area and consult with them about house improvements that would leave you with the biggest return on your house investment.

Once you have done that and set your priorities, it is time to talk about money. Do you already know how much can you afford to spend on the renovation? How much money do you have saved up on the side? If you are already aware that you cannot afford to remodel with your current financial status, consult with your family and your partner about applying for a home equity loan. There are plenty of good options for house-remodeling loans offered by trusted companies like Our Money Market that come with low-interest rates for newlywed couples or expecting parents.

After you have decided how much money you can spend on renovation (or even before!), it is time for a little homework. Go around your local home improvement stores, and find exactly which appliances and materials you will need. Best would be to visit multiple stores and write down all the prices for comparison. Once you have done that, you will have an almost precise estimate of the figures needed, instead of vague estimates.

Even if you are not worried about the money you will spend, and you have saved quite enough, you would probably want to cut down the expenses here and there. Here are some tips that will help you with get the best and most out of your house investment.

1. Be Your Own Contractor

This one is probably the biggest question that you have to answer before the beginning of the whole process. Do you want to hire a professional contractor, or you feel sure enough to dive in it yourself? Benefits of a professional are huge – it is way faster, more professional (obviously), knowledge about plumbing and electrical work, and of course, it is way easier. But if you are serious about cutting cost, you will sure cut it with this one. Read a little bit, maybe even consult with contractors (some of them offer hourly consultants). By doing this yourself the whole process is going to be much more flexible, and you will have a great sense of reward afterward.

2. Hit The Thrift Shops

This one is inevitable if you are looking to cut down cost. Go regularly at all thrift shops and recycling centers you can find around. Maybe you will find a great replacement for that high-end cabinet you saw in a new collection. And why would you give thousands of dollars, if you can add a little a compromise for literally hundreds and hundreds of dollars better price?

3. DIY Demolition

This is another one of DIY ones. If you want to spend as little money as possible, be prepared to put a lot of effort and work into it. While by doing your own demo is not going to save you tons of money, it is still going to save you a couple of hundred bucks. Although it is not a job that requires the greatest expertise, make sure to consult with someone if it is your first time doing it.

4. Try To Avoid Moving Your Kitchen Sink (And Toilet)

These m

ay seem like a basic plumbing renovation works, but once you put it all on paper, you will see that these two are the ones that drain money the most. If there is any way possible to avoid moving these two, you will be able to save up to a thousand bucks.

5. Wait For The Right Time

This one is for all of you that have already decided to hire a contractor. Waiting until they need your business is a great way to save up to 5% of the cost, which can lead to more than a thousand dollars. What it means is that you do not schedule your renovation in the summer peak, or around September – since that is their premium time and they have tons of work.

In the end, when you put all the costs on paper, you will see that doing things a little bit edgier is going to have plenty of benefits. A little bit of hard work and research will take you a long way. You will end up with a great end result. without cutting on quality and efficiency – only on expenses.